Bitcoin 
$107,431.55A rare chart in the monthly chart of , indecision draws attention. The October candle surprised both bulls and bears with its huge price range between $103,600 and $126,000. However, the month closed with a decrease of only 3.8 percent. The price moving in a wide range and closing close to the beginning of the month was defined as an “indecision candle” among analysts.
Is Bitcoin Gathering Strength or Tired?
Some analysts consider the current outlook for Bitcoin as a bottom formation process. biggest cryptocurrencyThe gradual upward trend that has been continuing since the beginning of 2023 draws a different model from the steep hill formations in the past. Although historically BTC tops usually end with sharp and short-term rises, the current picture may indicate a calm accumulation of power. However, there is an element of indecision that complicates the picture. This indecision is occurring at the critical trend line connecting the 2017 and 2021 all-time highs. While buyers are generally expected to dominate at these levels, hesitation in the market draws attention.
Also monthly MACD The histogram of the indicator reveals that the bullish momentum is weakening. The indicator shrinks the peaks above the zero line, indicating that the upward momentum has slowed down. The new price peak seen in October was not confirmed by the MACD, and this divergence is reminiscent of peak warnings in 2021.
Uncertainty is High Despite Macro Support
Bitcoin’s unstable appearance in the current chart has become more striking with the influence of global developments. Interest rate cuts by the US Federal Reserve (Fed) and improved trade relations between Washington and Beijing are expected to increase risk appetite. However, the cautious attitude of investors weakened the bull expectations. At the same time US Dollar Index(DXY) giving signs of recovery after a long decline increases the pressure on Bitcoin. Strengthening DXY has led to selling across the cryptocurrency market in the past.
The technical outlook shows that the upside scenario remains weak unless Bitcoin can break above $116,000. Otherwise, the possibility of the price falling back to around $100,000 is getting stronger. Analysts agree that buyers must take control again for the upward trend to continue.
